EURUSD pair is in an interesting position.

EURUSD pair is in an interesting position.

20.02.2018 06:22

Today’s European session will pass without any major economic news. The US session will also be rather sluggish given that today is President’s Day and as such, banks will be closed.

EURUSD

On the longer timeframes, the EURUSD pair is in an interesting position. A doji candlestick is forming on the monthly timeframe around the downwards trend line:



This suggests that on the monthly timeframe, the euro isn’t strong enough to continue its surge against the dollar. The formation of a doji marks this as a potential reversal level and the downwards trend line is going to provide some serious resistance to the EURUSD pair’s upwards dynamic.

On the daily timeframe, a bearish engulfing pattern appeared at the end of last week:



A bearish engulfing pattern can often signal a potential reversal.

The likelihood of the euro’s surge fading away is confirmed by the fact that the bearish engulfing pattern, formed on the daily timeframe, is located within the confines of the double top, which has formed on the hourly timeframe:



All the above factors suggest that the euro is running out of steam in its upwards dynamic against the dollar.Source: "Forex market review (19/02/18)"

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  • Erstellt von EdwinB In der Kategorie Investments am 20.02.2018 06:22:00 Uhr

    zuletzt bearbeitet: 20.02.2018 06:22
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